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their fair share too as we work towards deficit reduction. so our senate budget locks in tax cuts for the middle class while closing loopholes and cutting wasteful spending in the tax code. and our budget uses that new revenue from the wealthiest americans and big corporations for deficit reduction and for investments that support our economy and strengthen our middle class. now the house republican budget, which we'll vote on tonight, does the opposite. according to the tax policy center, the tax plan in the house republican budget would cost nearly $5.7 trillion in lost federal revenue. and the majority of that lost revenue will benefit the wealthiest americans. and just like past house republican budgets, it's once again pretty unclear how this budget would pay for all those tax cuts that are skewed toward the wealthiest. but the reality, mr. president, is that to achieve the goals that are laid out in their budget, house republicans will either have to add to the deficit, meaning their budget might not actually balance as they claim, or they're going to have to raise taxes on
we spoke to grover norquist of americans for tax reform on this morning's washington journal. here's a portion of the conversation. >> host: welcome back to the "washington journal" and over -- grover norquist joins us. i want to get your thoughts on the news of the growth and opportunity project report out from the republican national committee, the chairman of the republican national committee is having a press conference that started a few minutes ago at the national press club, talking about changes that the party needs to make in terms of outreach, changes to how to dominate a presidential nominee. just on what you've heard so far? >> guest: first of all is important to do a postmortem on an unsuccessful campaign. republicans at every recent to believe that -- would capture the senate and when the white house as well and it didn't happen. now at the same time republicans had 30 governors and democrats have 20 and at the state level more republican state legislators than democrats. there are 25 states where republicans have united control in both houses and only 12 states, less
as quickly as possible. now, we had the discussion earlier about taxes and we thought that we had worked the tax problem for and everybody preserved people's taxes for 99% of the people and we thought that there were going to be some spending cuts coming. somebody sent me this little chart that i have to share. this says "republican" on it. "okay, i'll raise taxes if you promise to cut spending." well, lucy, it's a "deal." but we've been watching this cartoon for years and years and we know what happens. when we go to pick up the spending cuts, the football suddenly gets lifted out of the way and we wind up on our back. the american public winds up on its back. that's not the kind of spending cuts we're looking for. we're looking for some real spending cuts. not just a decrease in the growth but some real spending cuts. and there's -- there's a way to do those. wyoming has been faced with probably an 8% in reduction in its income. how did it handle it? the governor, seeing that coming, got ahold of every department and program and said, i need a plan from you for how you would cut 2%, ho
look forward to getting the best balance and position for tax taxpayers as well as security. >> getting a lot of areas, you'll have mentioned the criminal network. i was interested. how organized and unified is it? is a criminal network? this is reminding me of the old james bond books where there was this criminal network in the 70s, they had a boss and a set of underlings and a structure. it is that we are dealing with? are we dealing with a bunch of random bad guys? >> it is somewhere in the middle. large cartels operate in a variety of different ways. senator, this is the dark side of globalization. we live in a world where there is connection and the ability to move them the best we can. that there will be entities, individuals, midsize groups, and they cartels that take advantage of this. if you think of the global economy as being about $60 trillion, some estimates are that are about 10% of the global economy. it is invested, if you will, in narcotics, human smuggling, cybercrime being the largest of all these areas, as well as the other things we have talked about. arms and cash
thune. senator thune's amendment would repeal the estate tax without any ability to offset it with additional revenue. mr. president, i believe that the estate tax is actually a meaningful part of our tax code and we have put in place appropriate exemptions, $5 million a perpendicular, $10 million a couple. that means the estate tax right now only applies to about 3,800 people a year. yet if we were to repeal the estate tax without any offset, that would add $600 billion to our debt. we spend a lot of time over these last months talking about the dramatic cuts to defense and sequester, $550 billion. repeal of this would cost more. i would urge if you want to repeal the estate tax, pay for it. vote for the warner amendment 693. the presiding officer: who yields time in opposition? a senator: mr. president? the presiding officer: the senator from south dakota. mr. thune: mr. president, i appreciate the effort being made by the senator from virginia. he's moving in the right direction. we do need to get rid of this once and for all. and i'd be happy to accept his amendment by
Search Results 0 to 4 of about 5